Posted on 02/11/2020 3:44:00 AM PST by rightwingintelligentsia
A national survey conducted by Loandepot finds 77 percent of Millennial and Gen Z-ers are expecting financial assistance from their parents to purchase their first home.
The most common expectations included help with a down payment (38 percent), co-signing the mortgage (31 percent) and helping with closing costs (24 percent).
Of those expecting down payment assistance, the majority of respondents were looking for less than $10,000.
Alarmingly, 18 percent of parents responding to the survey who indicated they would help their children also said they were putting their retirement on hold to do so. Parents whose children were still living at home were the most willing to put retirement on hold until their nest was empty.
(Excerpt) Read more at wpxi.com ...
I think Ramsey will tell your wife to cut off the support yesterday. They are old enough to succeed or fail on their own. Rice and beans, part time jobs and scramble for whatever they can do for income.
In my mid 20’s, we had a house and an infant. My job went away due to a reorganization.
I absolutely scrambled. Did odd jobs, handyman work, painted an apartment building etc. either of our parents could have helped and probably would have but we never even considered asking. That’s what being an adult is.
Cutting them off may seem hard but it’s the best and most mature thing your wife can do.
I have no sympathy for the parents of these societal parasites. It's nobody's fault but theirs.
“Make my downpayment or I’m NEVER leaving your basement!”
It’s blackmail, I tell ya...
That’s the way I’m looking at it and I just turned 60.
It’s not like my job as a Professional Engineer is going to kill me. Besides that, my wife is 43 and if I retire she’ll just have that much more work for me to do each day.
LOL, ain't that the truth :)
Loaning money to our kids IS part of our retirement strategy. They are the best bet in town and we charge them higher than market interest (but with flexible terms).
The downside for us is that they pay back the loans quickly, the high interest is a motivator.
We took over my son-in-laws student loans. He and my daughter paid back $60,000 in three years.
If your work is you passion then you are in the right place. I have been retired for 7 years (high tech Silicon Valley). Not one day have I wondered, "How are they doing?". Life is good. I'm busy, in shape and travelling. Love it.
LOL! Brilliant.
Some of the millennials these days are so mentally screwed up the parents are afraid to allow them to leave.
We should be alarmed at a generation of “give it to me” adult children who have no concept of what standing on their own means. I think the scientific term is “titty babies”.
My father offered to loan us money to buy a house. My sister had already married and bought one or two by then. My oldest brother was military so no need.
I was sort of surprised. I ended up buying a modest ($38,500) house in a so-so neighborhood, taking over an existing mortgage at the then unbelievably good interest rate of 8%. The remainder of the purchase price was my savings (not much, just out of college) and a loan from him. All done with paperwork and signatures etc. I think it was the same %, eight.
Paid him off in 10 years or so. I think the loan was set up for 15 years.
I also feel the need to say I paid for my own college education with no help from parents so not like I was already very financially independent when he made the offer.
Oops-correction:
I also feel the need to say I paid for my own college education with no help from parents so I was already very financially independent when he made the offer.
My daughter is 19 and a freshman in college. My agreement with her is that I will get her through her first 4 years of school. She has to pay for the last two and then once she graduates and starts really working, she can support me in the lifestyle to which I have become accustomed!
I figure it’s only fair!
My folks didn’t make this offer and I’m not going to make this offer.””’
I bought my first house in 1966when I was 26 & making about $6 an hour. House payment cost $1 a month more than my unfurnished apartment.
My Dad was making $252 a month on Social Security when he died in 1980.
I had been paying his property taxes-—prox $2000 a year in Wisconsin—and had been buying his propane for his heat. I also bought his lawn mower.
IMO, this is a perfect case of ‘You reap what you sow”.
Those ‘participation’ trophies are coming home to roost.
I know people who pay more for their precious cell phone bills than a house payment would cost them.
Cannot fix stupid.
I paid for their first home. The one they grew up in. They are welcome to stay and pay their share.
If they want to own their own house, it’s all on them.
We should be alarmed at a generation of “give it to me” adult children who have no concept of what standing on their own means. I think the scientific term is “titty babies”.””’
All those ‘PARTICIPATION TROPHIES’ don’t look so shiny NOW, do they?
I look at it this way, if they are paying rent, some other family is getting rich off of them.
Why not keep more wealth in the family?
I think it’s okay for families to decide for themselves how they’re going to allocate wealth between generations. At least if you put some of your wealth into helping your children get established, the government can’t take it from you.
I can understand the incentive for parents with their grown children still living at home...
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